Our DailyMarket Reports

Mid-Day Gold & Silver Market – 11/5/2013

11/5/2013 3:10:05 PM By: Peter LaTona

INVESTORS WATCH EUROPEAN BANK, U.S. JOBS REPORT

Precious Metal prices are trading lower through midday. The strengthening U.S. dollar has many investors focused on the European Central Bank rate decision Thursday and the U.S. jobs numbers to be released Friday. Mark O’Byrne, executive director at GoldCore, said, “The ECB is expected to keep rates on hold but may indicate that it will reduce rates soon which would be Gold supportive.” He added that “a poor jobs number Friday could see Gold rise on safe-haven buying due to concerns about the struggling U.S. economy.”

With so much attention on the Federal Reserve and the ECB, U.S. stocks haven’t shown much movement. Patrick Kaser, managing director and portfolio manager at Brandywine Global Investment Management in Philadelphia, said, “A lot of people are nervous by how strong the market has been this year. There is still skepticism about how the economy is really doing and whether these gains are from artificial factors, like the Fed, or from real strength in company results.”

At 3:30 p.m. (ET), the APMEX Precious Metals spot prices were:

Gold, $1,312.40, Down $4.30.

Silver, $21.74, Down $0.01.

Platinum, $1,453.00, Down $4.20.

Palladium, $751.10, Up $0.60.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.